A Fort Worth hallmark could be getting new additions as part of an expansion plan proposed to the city council on Tuesday evening.
The Fort Worth Stockyards could see major improvements as the city considers an almost $1 billion proposal for new commercial and residential developments and underground parking garages, according to the Fort Worth Star-Telegram. The undertaking would also include the expansion of livestock pens and a major refresh for Cowtown Coliseum.
The new structures are intended to be built on land that is either vacant or being used for cattle pens and surface parking north of East Exchange Avenue on the southeast corner of Stockyards Boulevard and Packers Street. This would expand the Stockyards eastward from the Coliseum and Billy Bob’s Texas, an iconic concert hall.
Fort Worth Heritage LLC — a partnership between Majestic Realty Co., Hickman Companies, and M2G Ventures — is behind the project and is expected to invest around $630 million in the improvements. The project could be completed by late 2032 and potentially generate approximately $845 million in net value to Fort Worth, Michael Hennig, economic development manager at the City of Fort Worth, projected, according to the Dallas Business Journal.
An initial phase of the Stockyards‘ redevelopment a few years ago involved refreshing and expanding Mule Alley, Hotel Drover, and Hyatt Place. The new development project is considered to be a continuation of this initiative — but on a much larger scale.
While the first project added 180,000 square feet of new commercial space and over 300 hotel rooms, the second one would add upwards of 300,000 square feet of commercial space, 295 units of multifamily housing, three hotels with at least 500 rooms, and two underground parking garages with a total of 1,300 spaces.
Overall, $382 million in taxpayer funding will go toward the project, but the revenue generated from the parking garages should bring costs down to $145 million.
“This proposal is based on a proven framework to the original 380 agreement, which gave us the successful phase one development through that public-private partnership and that has exceeded financial expectations, and that’s to be commended,” said District 2 Council Member Carlos Flores, per KERA News.
Flores and other council members will vote on the incentive package for this project on June 25. It would include providing developers with about $71.6 million as rebate grants on property taxes for 30 years. If approved, the measure would be sent to the City Tax Increment Finance District Board in August.